FEMA FLOOD ZONE DETERMINATION MAC

When making, increasing, renewing, or extending any type of federally backed loan, lenders are required to conduct a flood zone determination using the most current FEMA FIRM to determine if any part of the building is located in an SFHA.

FEMA FLOOD ZONE DETERMINATION MAC

It further applies to all loans purchased by Fannie Mae or Freddie Mac in the secondary mortgage market.įederal financial assistance programs affected by the laws include loans and grants from agencies such as the Department of Veterans Affairs, Farmers Home Administration, Federal Housing Administration, Small Business Administration, and FEMA disaster assistance. The mandatory purchase requirement also applies to secured loans from such financial institutions as commercial lenders, savings and loan associations, savings banks, and credit unions that are regulated, supervised, or insured by federal agencies, such as the Federal Reserve, the Federal Deposit Insurance Corporation, the Comptroller of Currency, the Farm Credit Administration, the Office of Thrift Supervision, and the National Credit Union Administration. An SFHA is defined as any A or V flood zone on a Federal Emergency Management Agency (FEMA) Flood Insurance Rate Map (FIRM). Pursuant to the Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994, the purchase of flood insurance is mandatory for all federal or federally related financial assistance for the acquisition and/or construction of buildings in Special Flood Hazard Areas (SFHAs). To find a local insurance agent that writes flood insurance in your area visit Mandatory Purchase Requirement Property owners can purchase building and contents coverage from any local property and casualty insurance agent. homes, and buildings in the course of construction.The NFIP insures most walled and roofed buildings that are principally above ground on a permanent foundation, including mobile This community participates in the NFIP, making federally backed flood insurance available to its property owners. The National Flood Insurance Program (NFIP) is a federal program enabling property owners in participating communities to purchase flood insurance on eligible buildings and contents, whether they are in or out of a floodplain. About the Mandatory Purchase of Flood Insurance The NFIP

Fema flood zone determination